A Look at What’s Happening in the Real Estate Market for August

A Look at What’s Happening in the Real Estate Market for August

A look at what’s happening in the Real Estate Market for both Fairfield and New Haven Counties for August. Whether you’re buying or selling, understanding our local market is key and that’s where I come in. With hands-on experience as a homeowner, investor, landlord, builder, and mortgage loan officer, I bring a well-rounded perspective to every transaction. I offer clear guidance, honest insight, and a commitment to making your journey smooth from start to finish. Let’s work together to make your next real estate chapter a successful one. I’m ready when you are, there’s no place like home!

Real Estate & the Economy

Slower Growth, Rising Costs

Across the country, businesses are reporting sluggish growth, higher prices, and caution with new hiring. From manufacturing to retail, many sectors are seeing flat demand and cost pressures, especially in essentials like insurance and utilities. These ripple effects lead many companies to pass on those costs to consumers.

What Local Voices Are Saying

The Federal Reserve cut rates by a quarter point 9/17, moving its benchmark to 4.00%–4.25%. The shift signals a more supportive stance on growth and reinforces expectations of a friendlier monetary environment ahead.

Labor Markets

Labor markets are cooling. Most districts reported little or no change in employment, and many businesses are hesitant to hire due to economic uncertainty.

What We Have Been Seeing

• Lack of inventory which we have been experiencing over the past few years.
• Buyers are adjusting, knowing that rates are lingering in the 6% and 7% range.
• Today’s buyers are more intentional than ever.
• Many are seeking homes that truly fit their lifestyle.
• The next Federal Reserve meeting is October 28/29.

What Does This Mean

Buyers this means space for extended family, flexible layouts, or smart downsizing. Sellers this means that your home may have the potential to meet a very specific need, making it even more valuable in the eyes of the right buyer.

The Good News

Connecticut remains a place where community, charm, and resilience shine. Whether you’re buying, selling, or simply staying informed, understanding the broader economic picture helps you make confident choices.   In summary, with stable forecasts ahead, buyers can plan confidently and take advantage of a more predictable market.

Buyer Demand and Inventory – A Fall Market Snapshot

Buyer demand is measured by how much over asking price buyers are willing to pay.

In Fairfield County, demand dipped slightly: condos are at 1.6% (down 0.3%) and single-family homes at 2.8% (down 0.4%). New Haven County saw steeper declines: single-family homes at 1.8% (down 0.7%) and condos at just 0.5% (down 2.0%).

Inventory is also tightening. Fairfield County listings are down 4% for single-family homes and 11% for condos. New Haven County shows similar trends, with single-family inventory down 1% and condos down nearly 13%.

Despite these shifts, sellers still hold leverage, but smart pricing is key. Buyers should expect fewer options and less room to negotiate.

Sales activity reflects these dynamics: Fairfield County saw an uptick in single-family closings, while New Haven County saw more condo sales, possibly signaling a shift toward affordability and low-maintenance living.

Average Sales Price – What the Numbers Say

Fairfield County saw a 6% increase in single-family home prices and a 2% rise for condos compared to this time last year. In New Haven County, single-family homes jumped nearly 8%, while condo prices remained steady.

What does this suggest?

• Fairfield’s consistent growth across property styles points to strong demand, especially for single-family homes. Buyers may be prioritizing space and privacy despite affordability challenges.
• In New Haven, the sharp rise in single-family prices alongside flat condo values may reflect shifting buyer preferences or affordability constraints keeping condo prices stable.

While both counties remain active, each market is evolving in its own way. Staying informed helps buyers and sellers navigate with confidence.

If Fairfield feels out of reach, New Haven County offers more accessible options, with average sale prices just over $500K and entry points in the low $400Ks. Located just 30 miles apart and connected by I-95, both counties offer a range of lifestyles from coastal towns to countryside communities with quick commutes to New York City and Hartford.

Your Neighborhood Market Trends

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Don’t LOVE Where You Live?

If you don’t love where you live? Let’s Talk! When only the best will do, consult a Professional REALTOR® like me. I specialize in helping sellers, buyers, seniors, relocation, landlords and up or down sizers.

Selling or Buying – Contact LeeAnn Today (203) 253-4567 Request a complimentary NO obligation consultation. Consider recommending a friend or family member. I’ve assisted 100’s of sellers and buyers achieve their real estate goals. I can help you too! I am committed to treating you as part of the family.

Raise your standards! Your real estate goal is a journey filled with significant financial decisions and personal choices. It’s essential to partner with an experienced REALTOR® like me.

Compliments of LeeAnn DeLeo, A Trusted Name in Real Estate
Broker, Blogger, Stagent® & REALTOR®
Century21 AllPoints Realty
(203) 253-4567
leeann.deleo@gmail.com
www.leeanndeleo.com

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Source: SmartMLS, Federal Reserve, US Economy, MSN, BankRate, MBA – The information provided herein is for informational purposes only. All real estate, economic data, market trends and projections are subject to change.